Somalia Investor Magazine Issue #22 Apr-Jun, 2020

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Winds of change

As the year began and most countries made projections as to what 2020 had in store for them, Somalia was at the cusp of the thawing of one of the country’s greatest and most strategic relations: The World Bank Group Board of Executive Directors had just started the final steps towards normalizing its relations with the Federal Government of Somalia (FGS) after thirty
years.

This development is in a class of its own; incomparable to any yearly progress projection Somalia could have come up with. This is a game-changer. Towards the end of February, a word from the officials at the World Bank indicated that based on Somalia’s improved political reforms, economic reforms, strong fiscal record and the country’s openness towards better and a more democratic governance system; ‘The World Bank was ready to provide the strongest possible support to Somalia’s efforts toward economic and social recovery.’ Soon after the country got into the good graces of the global lender, the International

Monetary Fund (IMF) approved about $ 5 billion worth of assistance. This is a huge win for the country. But it didn’t come easy.

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